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Dune Energy, Inc. (DUNR) Reports on Mid-Year Oil and Gas Activity

Dune Energy, Inc. issued a midyear operational update on the company’s oil and gas activities in the United States, where the company is active in the Gulf Coast area of Louisiana and Texas.

Dune Energy reported that an updated reserves analysis indicated that the company had proved reserves of 79.3 Bcfe as of June 20, 2011. These proved reserves consisted of 5.4 million barrels of oil and 46.9 billion cubic feet of natural gas.

Dune Energy said that the reserves analysis was conducted by DeGolyer and MacNaughton, a petroleum consulting firm, and was calculated using commodity pricing mandated by the Securities and Exchange Commission.

Dune Energy plans to spend $27.7 million in capital in 2011on the company’s various oil and gas projects in the Gulf Coast area. One major area of focus will be the Garden Island Bay project where the company will attempt to convert potential resources to proved developed status.

Dune Energy said that additional exploration and development activity is also planned at other fields including Pearsall, Live Oak, Bateman Lake and Leeville.

Dune Energy is also working towards a restructuring of the company’s debt to provide additional capital for drilling. The company prefers a debt for equity exchange if possible.

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